{"type":"rich","version":"1.0","author_name":"npub1uu2fve28mkg68uequseraz8gee7qg64733lr9r2g4c0xs5pmqnuslr4rpf","author_url":"https://nostr.ae/npub1uu2fve28mkg68uequseraz8gee7qg64733lr9r2g4c0xs5pmqnuslr4rpf","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-06-27\n📝 Original message:-----BEGIN PGP SIGNED MESSAGE-----\nHash: SHA1\n\nVery interesting point and comparison. So the fee market is unknown,\nsimilar to a market maker's orderbook - except in the case of Bitcoin\nit is not being deliberately hidden from users, its just not knowable\nhow miners are positioning at any given moment.\n\n\nOn 06/28/2015 12:54 AM, Peter Todd wrote:\n\u003e On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote:\n\u003e\u003e There is no ensured Quality of service, is there? If you \"bid\"\n\u003e\u003e higher, then you don't know what you are going to get. Also\n\u003e\u003e because you have no way of knowing what *others* are bidding.\n\u003e\u003e Only if you have auctions (increasing increments) you can\n\u003e\u003e establish a feedback loop to settle demand and supply. And the\n\u003e\u003e supply side doesn't adapt. Adapting supply would help resolve\n\u003e\u003e parts of the capacity problem.\n\u003e \n\u003e There's lots of markets where there is no assured quality of\n\u003e service, and where the bids others are making aren't known. Most\n\u003e financial markets work that way - there's only ever probabalistic\n\u003e guarantees that for a given amount of money you'll be able to buy a\n\u003e certain amount of gold at any given time for instance. Similarly\n\u003e for nearly all commodities the infrastructure required to mine\n\u003e those commodities has very little room for short, medium, or even\n\u003e long-term production increases, so whatever the production supply\n\u003e is at a given time is pretty much fixed.\n\u003e \n\u003e \n\u003e \n\u003e _______________________________________________ bitcoin-dev mailing\n\u003e list bitcoin-dev at lists.linuxfoundation.org \n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e \n-----BEGIN PGP SIGNATURE-----\nVersion: GnuPG v1\n\niQEcBAEBAgAGBQJVjuRiAAoJEGwAhlQc8H1mjnwIAIiUSPf6agfMXsFgupoihsTV\nPr1mJWHdLjrF5QadmdyooivYGPkY+zmfJ+N3fkr8l++PDGh03u0RgALf/gwJSSAQ\nqSeMmjSZb8ZEkyLlZAGVHT8Ph+lRda65CVxYspKu/54TolqEezOHVaon9uWYVjtB\ncSd8fWoqJMq05Pz25QPagxFUpXmtFX1KvxUWqeGkRsuqMgeWbCurQKpOhRXu48nH\nSi73iOIyDUT9i1WsPvlpOi0pSxDlGnkMQKaEyIN5JJfKo1imRAtKVRLZh43rXpSW\njeZf8LMRwd49K4vnvHXZ0UbKWhpelh6XJari22citZ7yb5w5iENAcoP/cSGhLaY=\n=nfF5\n-----END PGP SIGNATURE-----"}